BRIEF—Foamix financing to fund anticipated launches

Israel-headquartered dermatology specialist Foamix Pharmaceuticals has secured $64 million in a financing supported by Perceptive Advisors and OrbiMed.

The financing consists of term loans of up to $50 million under a loan, with $15 million upfront, $20 million upon certain regulatory milestones and $15 million upon specified revenue milestones.

Foamix will receive a further $14 million in gross proceeds from Perceptive Advisors through a direct registered offering of the company’s shares.

Proceeds are expected to fund the company’s filing of a New Drug Application for FMX103 for the treatment of papulopustular rosacea and – assuming US approval is received – the launch of the treatment and of FMX101 for moderate to severe acne. The latter could be approved within weeks.